DEMAVER: what changed
Two fiscal years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
What changed
DEMAVER
NACE 64.210, Activities of holding companies
fiscal year 2024 against 2025filed annual accounts (NBB)
Net result for the year
-€29,403
2024 · €59,168-€88,571
Equity
€322,866
2024 · €352,269-€29,403
Cash
€5,621
2024 · €4,692+€928
Balance sheet total
€2.4m
2024 · €2.5m-€94,619
Largest movements
Assets
- Receivables within one year -€85,699
down €85,699 (-43.3%), from €198,072 to €112,373
of which Trade receivables: -€84,700
Equity and liabilities
- Tax, wage and social debts -€31,789
down €31,789 (-56.8%), from €55,962 to €24,173
of which Taxes: -€30,968
- Profit (loss) carried forward -€29,403
down €29,403 (-91.9%), from -€31,981 to -€61,384
Income statement
- Gross operating margin -€81,135
down €81,135 (-57.4%), from €141,394 to €60,259
- Financial charges +€4,228
up €4,228 (+12.4%), from €34,086 to €38,313
- Depreciation +€2,633
up €2,633 (+15.6%), from €16,860 to €19,493
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Result 2024
€59,168
Gross operating margin
-€81,135
Staff costs
+€413
Depreciation
-€2,633
Other operating charges
-€1,214
Financial income
+€221
Financial charges
-€4,228
Taxes
+€5
Result 2025
-€29,403
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
From operations
+€29,035
Investment
-€13,030
Financing
-€15,076
Cash 2024
€4,692
From operations (derived)
+€29,035
Net result for the year
-€29,403
Depreciation
+€19,493
Receivables within one year
+€85,699
Deferred charges and accrued income
+€3,386
Trade debts
+€4,256
Tax, wage and social debts
-€31,789
Other debts
-€19,571
Accrued charges and deferred income
-€3,037
Investment (derived)
-€13,030
Investment in fixed assets (net)
-€13,030
Financing
-€15,076
Debts after one year
-€17,153
Current portion of long-term debt
+€2,076
Cash 2025
€5,621
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €2,510,672 | €2,416,053 | -€94,619 | -3.8% |
| Fixed assets | 21/28 | €2,271,955 | €2,265,492 | -€6,463 | -0.3% |
| Tangible fixed assets | 22/27 | €54,170 | €47,707 | -€6,463 | -11.9% |
| Land and buildings | 22 | - | €3,666 | +€3,666 | |
| Plant, machinery and equipment | 23 | €1,222 | €808 | -€414 | -33.9% |
| Furniture and vehicles | 24 | €52,948 | €43,232 | -€9,716 | -18.3% |
| Financial fixed assets | 28 | €2,217,785 | €2,217,785 | = | 0.0% |
| Current assets | 29/58 | €238,717 | €150,561 | -€88,156 | -36.9% |
| Amounts receivable within one year | 40/41 | €198,072 | €112,373 | -€85,699 | -43.3% |
| Trade receivables | 40 | €177,825 | €93,125 | -€84,700 | -47.6% |
| Other amounts receivable | 41 | €20,247 | €19,248 | -€999 | -4.9% |
| Cash at bank and in hand | 54/58 | €4,692 | €5,621 | +€928 | +19.8% |
| Deferred charges and accrued income | 490/1 | €35,953 | €32,567 | -€3,386 | -9.4% |
| Total equity and liabilities | 10/49 | €2,510,672 | €2,416,053 | -€94,619 | -3.8% |
| Equity | 10/15 | €352,269 | €322,866 | -€29,403 | -8.3% |
| Contributions | 10/11 | €379,250 | €379,250 | = | 0.0% |
| Reserves | 13 | €5,000 | €5,000 | = | 0.0% |
| Distributable reserves | 133 | €5,000 | €5,000 | = | 0.0% |
| Profit (loss) carried forward | 14 | -€31,981 | -€61,384 | -€29,403 | -91.9% |
| Amounts payable | 17/49 | €2,158,403 | €2,093,187 | -€65,216 | -3.0% |
| Amounts payable after more than one year | 17 | €33,495 | €16,342 | -€17,153 | -51.2% |
| Financial debts | 170/4 | €33,495 | €16,342 | -€17,153 | -51.2% |
| Amounts payable within one year | 42/48 | €2,117,968 | €2,072,941 | -€45,027 | -2.1% |
| Current portion of amounts payable after more than one year | 42 | €16,475 | €18,551 | +€2,076 | +12.6% |
| Trade debts | 44 | €4,108 | €8,365 | +€4,256 | +103.6% |
| Suppliers | 440/4 | €4,108 | €8,365 | +€4,256 | +103.6% |
| Taxes, remuneration and social security | 45 | €55,962 | €24,173 | -€31,789 | -56.8% |
| Taxes | 450/3 | €50,499 | €19,531 | -€30,968 | -61.3% |
| Remuneration and social security | 454/9 | €5,463 | €4,641 | -€821 | -15.0% |
| Other amounts payable | 47/48 | €2,041,423 | €2,021,853 | -€19,571 | -1.0% |
| Accrued charges and deferred income | 492/3 | €6,940 | €3,904 | -€3,037 | -43.8% |
| Remuneration, social security and pensions | 62 | €29,988 | €29,575 | -€413 | -1.4% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €16,860 | €19,493 | +€2,633 | +15.6% |
| Other operating charges | 640/8 | €1,896 | €3,110 | +€1,214 | +64.0% |
| Gross operating margin | 9900 | €141,394 | €60,259 | -€81,135 | -57.4% |
| Operating profit (loss) | 9901 | €92,649 | €8,080 | -€84,569 | -91.3% |
| Financial income | 75/76B | €848 | €1,069 | +€221 | +26.1% |
| Recurring financial income | 75 | €848 | €1,069 | +€221 | +26.1% |
| Financial charges | 65/66B | €34,086 | €38,313 | +€4,228 | +12.4% |
| Recurring financial charges | 65 | €34,086 | €38,313 | +€4,228 | +12.4% |
| Profit (loss) for the period before taxes | 9903 | €59,412 | -€29,164 | -€88,576 | |
| Income taxes | 67/77 | €244 | €239 | -€5 | -2.0% |
| Profit (loss) for the period | 9904 | €59,168 | -€29,403 | -€88,571 | |
| Profit (loss) for the period to be appropriated | 9905 | €59,168 | -€29,403 | -€88,571 |
Source: filed annual accounts (NBB), fiscal years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 8 October 2026 via checked.be.